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Cable Update (GBPUSD)
- #263,363
- Nov 4, 2010 10:13am Nov 4, 2010 10:13am
That about sums it up, 4282 has to go on yooro and 6298 on Cable.
i've been jumping back and forth EU and GU thread,
just want to ask, the reason for EU to reverse.
I've been watching price pretty much bouncing off the 4049 and 4050 levels for the last 14 5 min bars, it's quite a tough aread to break through.
Is this the reason for EURUSD to further rise? consolidation at this area before moving up again?
Is that the Turt levels as depicted by ur posts several pages earlier?
Have been reading ur posts. Looks like i have homework to do over the weekend
- #263,364
- Nov 4, 2010 10:18am Nov 4, 2010 10:18am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
Hi Cloggie,
i've been jumping back and forth EU and GU thread,
just want to ask, the reason for EU to reverse.
I've been watching price pretty much bouncing off the 4049 and 4050 levels for the last 14 5 min bars, it's quite a tough aread to break through.
Is this the reason for EURUSD to further rise? consolidation at this area before moving up again?
Is that the Turt levels as depicted by ur posts several pages earlier?
Have been reading ur posts. Looks like i have homework to do over the weekend
42816 is your magic number (4221 is the next retrace/consolidation target), I posted it a few hours ago here. Nothing is telling me yet we are reversing. Never ever look for a reason to reverse always look for reasons to continue first, if you can't find them, then find reasons for consolidation, if you can't find them then as a last resort look for a reversal.
Price is a lot harder to reverse then it is to continue, Newton's old motion law does apply pretty solidly to trading.
If you do find a reason for a reversal see it as a countertrend retrace first and don't even think yet about reversals until at least 3-4 significant levels give way.
I see any retrace as an opportunity for a better price first. Countertrading will never ever be as profitable as trendtrading.
A retrace is just profittaking before we continue with normal service. You can find pretty obvious ones at the closes, the rollover, the end of the hour, the end of the day, the changeover, the lunch times, etc.
The only time you can get good retraces during a long term trend is the Asian session
Just look at Cable today, from the LO up 100, down 70, up 140, down 24, up 50, down 30. Where is the smart money?
- #263,365
- Nov 4, 2010 10:28am Nov 4, 2010 10:28am
42816 is your magic number (4221 is the next retrace/consolidation target), I posted it a few hours ago here. Nothing is telling me yet we are reversing. Never ever look for a reason to reverse always look for reasons to continue first, if you can't find them, then find reasons for consolidation, if you can't find them then as a last resort look for a reversal.
Price is a lot harder to reverse then it is to continue, Newton's old motion law does apply pretty solidly to trading.
If you do find a reason for a reversal see it as a countertrend...
- #263,366
- Nov 4, 2010 10:47am Nov 4, 2010 10:47am
- Joined Nov 2008 | Status: living deliberately | 11,122 Posts
other open trade, posted entry in eurusd thread, this is confirming a little dollar strength
- #263,367
- Nov 4, 2010 10:57am Nov 4, 2010 10:57am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
(4221 is the next retrace/consolidation target),
Brilliant post by the way. I shall add these words of wisdom to the Way of the Turts!
A pip is only worth it if you know how much you risked to earn it
- #263,369
- Nov 4, 2010 11:01am Nov 4, 2010 11:01am
I hope this means I'm getting better, I've got 2 lines marking 4217 and 4224...
Brilliant post by the way. I shall add these words of wisdom to the Way of the Turts!
asking about how to draw these boxes , Cloggie's way of trading - #263,370
- Nov 4, 2010 11:04am Nov 4, 2010 11:04am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
Hi Vlady, I emailed you
It is not a way of trading, just a way to break down the PA to visualise it a bit better. A nice little visual aid to find the areas of SR and consolidation so you can trade the PA in between them and have clearly defined entries and targets with no ambiguity.
- #263,373
- Nov 4, 2010 11:09am Nov 4, 2010 11:09am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
Hi Vlady, I emailed you
A pip is only worth it if you know how much you risked to earn it
- #263,376
- Edited 11:28am Nov 4, 2010 11:16am | Edited 11:28am
It is not a way of trading, just a way to break down the PA to visualise it a bit better. A nice little visual aid to find the areas of SR and consolidation so you can trade the PA in between them and have clearly defined entries and targets with no ambiguity.
need to spend sometime to draw out these levels